Dar Alarkan 2024 profit up 32%
The company's net profit increased by 81.5 percent in Q4 2024.
Business
Economy
Bitcoin crashes, Ether has worst drop since 2021 as crypto market melts
Cryptocurrencies reeled from a bout of risk aversion in global markets on Monday, at one point sending Bitcoin down more...
- Bitcoin traded 8.5% lower at below $54,000at $54,000 at time of publishing
- About $700 million of bullish crypto positions using derivatives were liquidated in the past 24 hours
Economy
Fed Chair Powell confirms September rate cut signal
The Federal Reserve kept its key interest rate at 5.25% to 5.5%, citing “some further progress” toward its 2% inflation...
- Central bank’s economic forecasts do not take into account who wins the presidency.
- Powell seemed to rule out the likelihood of a 50 basis-point rate cut
Business
Day after UAE-Chile CEPA, Dubai Chambers and Pro-Chile sign MoU
Under the MoU, both parties will coordinate events aimed at strengthening ties between exporting companies from Dubai and Chile and...
- The CEPA is projected to increase non-oil bilateral to $750 million by 2030, more than doubling the US$306 million shared in 2023.
- Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, said the CEPA is expected to come into effect within the next six months.
Business
Saudi trains over 1,000 nationals in coastal tourism market
Riyadh, Saudi Arabia -- The Saudi Red Sea Authority (SRSA), in collaboration with the Ministry of Tourism, has implemented two...
- The training, which focused on customer service experiences and safety principles, was conducted as part of the second edition of the Tourism Trailblazers Program.
- SRSA aims to provide over 210,000 jobs by 2030 and contribute more than SAR 85 billion to the GDP that same year.
Business
GACA and SBJBC strengthen saudi-UK aviation ties in London roundtable
Led by GACA President, the meeting featured the British Ministry of Transport, the SBJBC, and key aviation industry leaders.
- The discussion emphasized the strong commercial and investment partnership between Saudi Arabia and the UK
- The meeting also highlighted various investment incentives in the Saudi aviation sector
IOC creates historic Olympic Esports Games with 2025 launch in Saudi
History was made today when the International Olympic Committee (IOC) decided to create Olympic Esports Games. The first edition will...
- Saudi already has over 23.5 million gamers, of whom almost half are females
- Saudi has hosted over 1,700 elite players from over 80 countries over the last two years
Economy
Powell indicates Fed won’t wait until inflation is down to 2% before cutting rates
Federal Reserve Chair Jerome Powell said Monday that the central bank will not wait until inflation hits 2% to cut...
- A “hard landing” for the U.S. economy was not “a likely scenario.”
- The central bank’s next policy meeting is at the end of July
Business
ADNOC Gas awards $550m contracts
The company aims to expand UAE gas infrastructure, increase customer reach
- Engineering, procurement and construction (EPC) contracts were awarded for the next phase of the UAE sales gas pipeline network enhancement "ESTIDAMA Project".
- ADNOC Gas will continue to expand its domestic business through ESTIDAMA, paying ADNOC a variable transmission fee for actual throughput of the pipeline.
Business
Dubai Summer Activities: A new guide to emirate’s attractions
Dubai, UAE -- A new #DubaiDestinations guide titled ‘Dubai’s Summer Activities’ invites residents and visitors to delve into an array...
- Developed by Brand Dubai, the creative arm of the Government of Dubai Media Office, the interactive guide forms part of the latest phase of the #DubaiDestinations campaign.
- It seeks to showcase the city's top-rated summer experiences and highlight unique attractions that make Dubai a one-of-a-kind summer destination.
Business
Saudi Arabia records 16% growth in air travel in first half: GACA
Riyadh, Saudi Arabia -- The number of air passengers in Saudi Arabia increased by 17 percent during the past six...
- The number of flights also reached approximately 446,000, marking a 12 percent increase compared to the same period last year.
- The airfreight volume in the first six months of 2024 witnessed a 41 percent increase, reaching 606,000 tons.
Company News
Latest News
PIF completes $7 billion inaugural murabaha credit facility
Riyadh, Saudi Arabia -- Saudi Arabia's Public Investment Fund (PIF) on Monday announced its first murabaha credit facility for the...
Business
UAE aviation sector’s 2024 milestone: 1 million air traffic movements
Abu Dhabi, UAE -- The United Arab Emirates (UAE) achieved a milestone in the aviation industry as it surpassed 1...
Business
All six lines of Riyadh Metro are now operational
The Royal Commission for Riyadh City (RCRC) announced that the phased rollout of Riyadh Metro culminated as of Sunday, Jan....
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Business
Desert truffles: Saudi Arabia’s buried treasure
The 10-day Qassim Truffle Festival, currently in its fourth year, features 18 booths showcasing truffles, a dedicated auction area and...
- Fertile soil, untouched land, access to fresh water, a suitable climate, and the presence of the Helianthemum plant contribute to growth of desert truffles.
- The Qassim Truffle Festival, currently in its fourth year, is a testament to the region's truffle production.
Geostrategy
Israeli invasion destroys 90% of Gaza livestock, poultry farms
Gaza, Palestinian Territories - The Israeli forces have decimated 90 percent of 2,500 poultry and cattle farms in Gaza during...
- A million turkeys distributed across 150 farms, were culled, in addition to 80 percent of the total domestic poultry population, estimated to be 300,000 birds.
- Israeli forces destroyed 90 percent of the 100 cattle farms, which were breeding 50,000 calves annually, and culled 2,200 cows in 400 farms.
Business
Emirates’ first A350 takes flight
The airline operated the inaugural flight from Dubai to Edinburgh.
- The aircraft, featuring Emirates' latest cabin products, is the first of 65 A350s joining the airline's fleet over the coming years.
- Emirates has configured its A350 to provide three cabin classes, accommodating 312 passengers in 32 next-generation Business Class lie-flat seat.